Cornerstone Real Estate Advisers, one of the world's largest real estate investment advisers, announced today the appointment of Charles Weeks as its new European Chief Executive Officer (CEO). Following an orderly transition, Weeks will replace Iain Reid as CEO in the middle of March, when Reid will retire from Cornerstone Europe.
Weeks and Reid have worked together since 1995 when Reid was the CEO of BZW Property Investment Management. They then worked together in a series of different companies, including Barclays Property Investors, Aberdeen Property Investors, and more latterly, Protego Real Estate Investors. Weeks and Reid were among the founders of Protego Real Estate Investors in April 2004. They then sold Protego Real Estate Investors to Cornerstone Real Estate Advisers, in January 2010.
The senior team at Cornerstone Europe will otherwise remain largely unchanged. Nick Pink will assume the role of Chief Investment Officer, James Salmon will remain as Chief Operating Officer, Alex Sutherland will become Chief Financial Officer and Peter de Haas will become Head of Business Development, Continental Europe.
Iain Reid commented: "This has been a momentous year of achievement for Cornerstone in Europe and in the group as a whole. It is very gratifying for me to be able to pass the leadership on in such circumstances. I am confident that Charles will continue to notch up more successes, together with the rest of the great team, old and new, that makes up Cornerstone Europe in the UK, the Netherlands and the Nordics. Continuity in the business is a huge asset and it gives me particular pleasure to hand over responsibilities to Charles, who has been my close colleague and has worked together with me on all our successes, in different businesses for over 16 years, without a break."
Charles Weeks commented: "I am delighted to be taking over from Iain as European Chief Executive Officer. This is an exciting time for the European business, despite challenging market conditions. Capital flows in Cornerstone are happening in both directions across the Atlantic, new investment markets are opening up for us, a number of our European projects are gaining traction and there is significant investment in the European business to grow and expand our platform."
David Reilly, Global CEO, Cornerstone Real Estate Advisers, commented: "I have had the pleasure of working closely with Iain and the European team over the last couple of years, and I am confident that Charles will provide the necessary leadership to continue our growth in Europe and build upon the strong foundations that Iain has laid."